Binance crypto exchange has announced the launch of crypto futures products in Bahrain after receiving regulatory permission.   With this Binance Bahrain BSC becomes the   first regulated exchange in the region to offer these services and the only exchange with a CAT4 licence. The launch of these products follows a comprehensive regulatory review and consultation period to ensure that Binance Bahrain BSC, which operates the regulated Binance Bahrain platform, has met the necessary compliance and governance requirements to offer futures products locally in a regulated manner. Eligible local users must complete and pass a mandatory suitability assessment questionnaire in order to access the products.   Tameem Al-Moosawi, General Manager of Binance Bahrain, said: “Binance is committed to compliance and its users, and we are focused on building the local digital assets ecosystem that is sustainable for the long-term.” This announcement comes after cryptocurr...

  The Blockchain related job market in the GCC MENA region is growing, and salaries differ between varying GCC countries depending on need, and availability. According to Salary Explorer 2023 reports, the average blockchain developer salary in the UAE per month is $3348 ( 12,300 AED), in Oman $3922 ( 1,510 OMR ), in KSA $3945 (14,800 SAR), in Qatar $3597 (13,100 QAR), in Bahrain $3630   ( 1,370 BHD), while in Egypt and Morocco the average salary is $266 ( 8,230 EGP), and $1810 ( 17,500 MAD). Interestingly others have noted that the average crypto salary per month in Dubai is $6582. As per their report salary estimates are based on anonymous submissions by cryptos, website users collected in Dubai from past and present job posts. Concurringly a number of entities in the UAE are requesting job positions. One example is Crypto.com that is hiring a Web3 senior regulatory reporting analyst, in Dubai. Recently as wel the Commercial Bank of Dubai was searching for Head of CB...

  In a recent LinkedInpost, MENA crypto exchange CoinMENA fully regulated in Bahrain came out with a new marketing campaign announcing that as a licensed exchange it is serving more than 250,000 users across 8 countries including Bahrain, UAE, KSA, Kuwait, Oman, Qatar, Iraq and Egypt. Basing their marketing campaign on the concept of trading on a licensed exchange, CoinMENA is calling crypto traders to trade with them given they unlike other unlicensed exchanges are licensed by the Central Bank of Bahrain, with a category 3 license. This campaign comes weeks after UAE’s BitOasis lost its active status for its MVP operational license after VARA, Dubai’s virtual asset regulatory authority, issued a market notificiation stating that it had taken enforcement actions against BitOasis and advised investors and consumers that BitOasis’s MVP operational license is under review for not meeting mandated conditions. BitOasis had been the first crypto exchange to receive an MVP operat...

    While Bahrain based Rain crypto broker exchange had sent out a teaser last week saying a big announcement was coming, Citywire published an announcement on July 25 th 2023 saying that RAIN trading Limited ( Rain ADGM) has been granted Abu Dhabi Global Market virtual asset brokerage and custody service license. This comes just after BitOasis’s active operational license was suspended by Dubai’s virtual asset regulatory Authority. According to CityWire, “Rain ADGM will offer institutional and a number of retail clients in the UAE the ability to buy, sell and store virtual assets, in addition to having a fiat-to-virtual asset onramp in AED.” Joseph Dallago, CEO of Rain, stated to CityWire ‘This achievement represents a significant milestone not just for Rain, but for the entire virtual assets industry. With this license, we can now offer our customers an even greater level of security and trust, as we continue to drive innovation and growth in the virtual asse...

  Bitget, crypto derivatives exchange has expanded into the Middle East with plans to hire 60 new staff for its regional headquarters. Bitget is currently serving over 8 million users in more than 100 countries and regions, the exchange is committed to helping users trade smarter by providing a secure, one-stop trading solution Bitget is preparing to launch either in  Bahrain and or the UAE, including such as the crypto-friendly emirates of Dubai, Abu Dhabi, and Ras Al Khaimah. The expansion foresees the setting up regional headquarter, as well as the recruitment of new team members who will be assigned various mid-office and back-office functions. Recent statistical data on MENA region crypto adoption indicates that it is home to the fastest-growing cryptocurrency industry, taking up a 9.2% share of global transactions in the period from 2021 to 2022. The UAE alone experienced 400% growth in the number of registered crypto businesses between 2020 and 2022, leading to a su...

  Brinc, a leading global venture accelerator, with operations in the UAE has selected 25 promising global startups, launched by a total of 66 founders, for its Summer 2023 cohort under its host of Web3 accelerator programs. Two startups from the GCC region have been selected. The first is UAE AI NFT BentleyRecords.io , an AI-powered music development program dedicated to helping artists grow their career online, offering 35+ tools for music production and distribution was chosen among startups and the second one is Bahrain based Eye Labs, a pioneering platform dedicated to guiding brands into the Web3 realm, simplifying blockchain infrastructure while emphasizing storytelling and user journeying to make the transition more accessible to a wider audience. Brinc's Summer 2023 cohort represents a diverse range of innovative ventures at the forefront of cutting-edge technologies in blockchain, decentralized applications, and peer-to-peer networks. This round is Brinc's third coh...

  Bahrain's KFH ( Kuwait Finance House) Information security Manager, Mr. Hasan Muhi emphasized the significance of utilizing blockchain technology applications to enhance cybersecurity in the financial technology sector. He highlighted the potential of blockchain for improved security in financial transactions and protection against fraud and cybercrimes. During a seminar entitled “ Cybersecrity in Fintech in Bahrain” organized by NGN International Muhi stated that blockchain technology offers significant security advantages by storing financial data in an encrypted manner across a network of devices, making it highly resistant to cyber-attacks. The seminar was part of the activities of NGN Majlis, which aims to raise awareness about cybersecurity in Bahrain and promote a better understanding of the subject. As per Muhi’s statements, “Blockchain technology represents one of the latest and most effective methods for safeguarding companies and institutions against the growing...

  If you are a GCC or MENA based family office that has a portfolio that includes precious metals such as gold, silver or others, or you intend to in the near future, but are hesitant because in the past you were unable to make revenues from the purchase, you now can. With the advent of blockchain, Web3 technologies and tokenization a sweet spot is upon us.   Precious metal owners can generate earnings on their gold and make it work for them just by holding it in tokenized form. Aurus Technologies, headquartered in the UAE with offices in the UK is offering family offices the opportunity to tokenize real world assets through its sustainable tokenization as a service solution (TAAS) platform. The GCC and MENA region has all the ingredients to make gold work for family offices. First the region itself is a hot bed for investors, secondly precious metals especially gold are well revered and invested in and third Web3 technologies including tokenization on the blockchain is re...

  In a recent press release, Bahrain has granted its first five Golden licenses and Whampoa Group,  a multi-family office with investments in global tech firms, and its digital bank has received one of these licenses. The holders of Golden licenses are eligible if they will create more than 500 local jobs, or make an investment of over $50 million in their first years in the Kingdom while contributing to strengthening the Kingdom's overall development. The Kingdom of Bahrain has granted the first five Golden Licenses to projects presented by Citi, Eagle Hills Diyar W.L.L, Infracorp, Saudi Telecommunication Company (stc), and Whampoa Group. With a collective investment of upwards of USD 1.4 billion into Bahrain, the greenfield projects and expansions are expected to create more than 1,400 job opportunities within the next three years in support of the Kingdom's Economic Recovery Plan goals. The licenses were presented at the headquarters of each company to Michel Sawaya, B...

  GCC ( Gulf Cooperation Council) and MENA based Investcorp, a global alternative investment firm has led a $15 million investment round for BitMe a Spanish crypto exchange. Included in the list of investors was Telefonica Ventures, Stratminds VC, Cardano, and YGG Fund. In April 2022 GCC headquartered Investcorp, launched eLydian Lion, the first dedicated institutional blockchain fund based in the GCC, with a global investment mandate (the “Fund”). The Blockchain ELydian Lion Fund, was led from Investcorp’s Abu Dhabi office UAE office, and was deployed globally with a focus on investments in companies leading the next digital evolution driven by blockchain technology. At the time Investcorp noted that the Fund would mainly invest in early-stage companies operating in areas within the blockchain ecosystem such as blockchain infrastructure, platforms and exchanges, DeFi, (decentralized finance), and data analytics. Fast forward, Investcorp has now invested in Bit2Me which will ...

  MENA based Bank ABC has won two distinguished awards at Global Finance's much-coveted The Innovators Awards -2023. The Bank's innovation and digitization Centre, ABC Labs, has been named as one of "the World's Best Financial Innovation Labs. ABC bank is implementing the GCC region’s first blockchain based cross border instant payment solutions as well as CBDC project with the Central Bank of Bahrain. In 2020 The Central Bank of Bahrain collaborated  with J P Morgan and Bank ABC in a pilot scheme to introduce instantaneous cross border payment solution leveraging state of the art technology and digital currency. The pilot was successfully completed in 2022.  Bank ABC along with J.P. Morgan will pilot the transferring of funds from and to the Kingdom of Bahrain in US-Dollars for payments from buyers to suppliers. This will lead to suppliers being paid faster and buyers originating payments in shorter time periods without the need for holding funds in advance. The Cen...

  CZ the Co-Founder of Binance has taken to twitter after word came out that the U.S. SEC ( Securities and Commodities Authority) has sued Binance US and its founder for providing trading for securities such as BNB, BUSD, SOL, ADA, MATIC, FIL, ATOM, SAND, MANA, ALGO, AXS, and COTI. The U.S. summarizes the case as a blatant disregard of the federal securities law and the investor and market protections these laws provide. The SEC states that Binance has enriched itself by billions of U.S. dollars while placing investors’ assets at significant risk. The 13 charges come after the CFTC unveiled a similar complaint against Binance and Zhao earlier this year. CZ on twitter stated, “4. Our team is all standing by; ensuring systems are stable, including withdrawals, and deposits.   We will issue a response once we see the complaint. Haven't seen it yet. Media gets the info before we do.”  Charles Hoskinson of IOHK, who had tweeted, “With respect to Binance, I'm reading thro...

  During the Qatar Economic Forum organized by Bloomberg, Ola Doudin, Co-Founder and CEO of UAE based BitOasis participated in a panel alongside Yat Siu, Co-Founder and Executive Chairman of Animoca Brands to discuss “Harnessing the Power of Blockchain” Doudin uncovered during the panel that BitOasis would be the first regulated virtual asset platform in KSA (Kingdom of Saudi Arabia). She stated, “We are working with regulators in KSA to be the first regulated platform in Saudi and other larger markets.” She also mentioned that BitOasis is in discussions with regulators in Egypt and Morocco. She discussed how in both Egypt and Morocco, citizens are interested in access to tokenized dollars, better known as stablecoins especially in countries with high inflation rates and easy access to these stablecoins. According to her, this is a challenge to regulators and is something they will have to seriously look at. This comes after BitOasis became the first crypto broker to receive...

  The Bahrain Economic Development Board announced that it has welcomed Singapore Based digital asset bank Whampoa Group to Bahrain. Whampoa will be setting up its new digital bank headquarters in Bahrain. The digital bank, which offers integrated financial solutions to serve institutions, innovators, and sophisticated investors globally, including digital banking services and the trading, custody, and asset management of digital assets, will open its operations in Bahrain by the end of year. In 2022, Whampoa Group had announced plans to raise $50 million for a crypto hedge fund and had announced plans to set up a venture capital fund to invest in digital assets. "We are delighted that Whampoa Group intends to set up the headquarters of their new digital bank in Bahrain as they would benefit from Bahrain's pro-innovation environment and forward-looking regulatory framework. The establishment of these types of institutions is vital to further strengthen the existing digital...

Crypto Broker Exchange RAIN Bahrain has traded $484 million worth of crypto since its inception in 2019 with Ethereum the most traded crypto asset followed by XRP.  RAIN has noted that it has a  customer base of 75,000 from Bahraini residents signed up on the platform.  According to the RAIN LinkedIn post “We’re thrilled to share some exciting news about our impact on the Kingdom’s crypto market! Since launching Rain in 2019, we’ve been able to offer our customers a reliable and secure platform for trading crypto assets. We’re grateful for Bahrain’s strong support for innovation and entrepreneurship, which has contributed to our success. Thank you to the people of Bahrain and Team Bahrain for your unwavering support!”  As per their statistics 41% of active crypto traders in Bahrain chose RAIN, while 5% of crypto trades in Bahrain are carried out on RAIN.  In addition the biggest traded cryptocurrencies on RAIN Bahrain are Ethereum, Bitcoin, XRP, Litecoin and te...

  MENA based Tarabut open banking platform, which recently signed its first partnership with a crypto brokerage exchange RAIN in Bahrain, has raised $32 million in its series A, led by Pinnacle Capital. The funds will be used to bolster Tarabut’s footprint in Saudi Arabia. Pinnacle Capital is a leading alternative investment firm that focuses on KSA investments to provide unique alternative investment opportunities. Pinnacle Capital partners have extensive transactional experience in the venture capital industry with a proven track record, including leading the first Saudi unicorn tech startup, Jahez, to a public listing. The raise also saw participation from Aljazira Capital, Visa, Tiger Global, and other leading existing investors. Abdulla Almoayed, Founder and CEO of Tarabut Gateway, stated, “Open banking is reshaping the financial landscape in KSA and the wider Middle East, and we, at Tarabut Gateway, are proud to be at the forefront of this innovation. This fundraise refle...

  OPNX exchange, which was recently tagged by Dubai’s VARA (Virtual Asset Regulatory Authority) as not regulated in the UAE, has been rumored to have investors from Bahrain, in the form of the Bahrain sovereign wealth fund given it has recently raised $25 million. According to a   tweet by BitMEXcrypto exchange founder Arthur Hayes, “A little birdie told me that OPNX has raised big money from Bahrain Sovereign Wealth Fund. They are trading via Tai Ping Shan. Be Warned. I want my fucking money.” Bahrain's sovereign fund Mumtalakt website didn't show any investment in OPNX directly but it is noted that the sovereign fund is an investor in Al Waha Fund whose portfolio consists of venture capital funds which could have invested in OPNX given that some of them have invested in crypto and blockchain entities before.  OPNX exchange  aims to tokenize users' claims to bankrupted crypto companies, allowing them to use bankruptcy claims as collateral to trade perpetuals'....

  CoinMENA announced on LinkedIn that residents and citizens of Iraq can now use CoinMENA to trade crypto safely and easily. This will be the 8 th country in the region supported by CoinMENA. CoinMENA is a crypto broker licensed from Bahrain. As per Dina Sam'an, Founder and Managing Director of CoinMENA, “We are committed to being the simplest and safest way for investors in MENA to trade in digital assets. Adding Iraq to our list of supported countries brings us closer to our goal of providing premium financial services, built on crypto rails, to the entire MENA region. We are excited to welcome the people of Iraq to our community and look forward to providing them with the best crypto trading user experience in the region.” CoinMENA currently serves clients in Bahrain, UAE, KSA, Kuwait, Oman, Qatar, Egypt and now Iraq. Prior to this CoinMENA launched the CoinMENA University, a free educational platform offering over 100 articles and numerous videos to educate those inter...